Introduction

Since 2010, Hungary has put itself on an economic trajectory defined by dynamic growth, high employment, and balanced macroeconomic conditions. As an open economy that relies heavily on foreign trade and investment, Hungary was heavily impacted by the global recession of 2007-2009. Since then, the country has implemented proactive and growth-supporting economic policy, which has positioned Hungary among the best economic performers in Europe.

Hungary's general government budget deficit has fallen to below 3 percent of GDP, employment has hit a record high, and the financial burdens of households have decreased. Following 56 months of decline, the unemployment rate fell to 4.5 percent in the first quarter of 2017.

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